Most of nurseries in Indonesia use charcoal as medium for potted orchids. And it seems to work pretty well. Especially for dendrobiums, phalaenopsis, oncidium, and sometimes also vandas.
But myself consider to mix it with other medium.
Fertilizing is about giving nutrition to your orchid. It think whatever the medium, it is still necessary. But its said that better you give a very dilute fertilizer everytime you water, than giving a higher concentration every once in a week.
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